Suncorp gives the green light to Roma

Insurance giant
Suncorp
will begin writing new home and contents policies for customers in Roma on Tuesday, more than a year after the Queensland town was ravaged by severe floods.

Suncorp, which refused to take on new policies in Roma and Emerald after devastating floods in recent years, will write new business in Roma from 8.30am on Tuesday.

The move follows the start of a construction for a levee to protect the town from flooding.

The company said it expects premiums to fall by up to 80 per cent following the completion of the levy next year.

“While detailed information on the effectiveness of the levee is still being considered, initial estimates for a typical $300k home inside the new levee indicate that Roma residents may see an average reduction in their premium of about 30 per cent once the levee is completed, but could be as high as 80 per cent in some of the most flood-prone areas," the company said in a statement.

Related Quotes

Company Profile

While Roma has received the green light from Suncorp, Emerald remains in the red.

“[The] council will be soon be advising us of their mitigation program of works and we’ll then make a decision on writing new business in Emerald," a Suncorp spokeswoman said.

“The construction of the levee is the beginning of a new, safer, more resilient Roma. It’s a fantastic start, but there’s more that can be done to help people be more certain of their future," Suncorp personal insurance boss Mark Milliner said in a statement.

Suncorp has forked out more than $100 million to cover claims in the Roma region following sweeping storms and floods in the region.